Retirement Targets
- Thread starter yowza
- Start date
I have struggled with these questions as well. I joined the nuclear navy and spent 6 years on a submarine. I then got a job as an operator at a nuclear power plant. I earned my reactor operator then senior reactor operator license. College was never needed.
I invest $300-400 a month into an investment account outside of retirement. This money is for my kids. They have no knowledge of the money and no promises that college is paid for when the time comes. I have saved $25,000 so far in different assets ( stocks, silver, sports cards, etc)
Or HSA's. Man if you can afford to save in those, they will work out great over time.
I was just saying to my wife a couple of days ago about people who work on submarines and what kind of person it takes to endure that. I applaud you. I could not do it unless at gun point forced on the submarine. Would feel like I was in a closet with no air.
I currently have 500+ shares of YOLO and hope to have around 2500 by the time my kid gets to college age. Then I can say Cannabis paid for his college.
I’ve driven a Honda Civic for 16 years now. I will drive my current civic for another 5 -7 years. I will then hopefully buy a self driving car.
Retirement finances have been one of my hobbies for 30 years so I have a trove of information, spreadsheets, etc. Here is a table I created for amounts at different ages and attached is an article on same subject. The columns in yellow are what is pertinent. The other values are just an example from numbers in my spreadsheet.
College savings Iowa 529. Worked great for our kids. Between schollys, 529 and part time work, they graduated debt free with money left over for grad studies or pass on to their kids (eventually).
We love the Camry Hybrid. Had a 2009 Camry Hybrid which got 36-38 in warm temps, down to 33-34 in the winter. The 2019 Camry Hybrid gets 50-52 in the warm weather and down to 45-47 in the winter so far, so about a 10% drop in the cold.
Compare that to Illinois pensions which are at 35% funded . . . .
My work switched to a high deductible low premium option under ACA. My wife and I were skeptical at first. We made the switch. We max out the HSA every year. I have it invested in a couple mutual funds. We pay all medical costs out of pocket. There is no timetable to reimburse yourself for medical bills. Our HSA has nearly $50,000 in it now. This was something the government got right and more people need to take advantage of when they are young
How do people factor in pensions? If someone has a pension how do you adjust what you should be saving. Obviously you don't ignore the pension as then you would way over save, but how do you adjust for it? Do you just take the replacement value of the pension and adjust your wages and act normally based on that adjusted wage?
I believe Roth can only be opened for someone with taxable income, thus you can't open them for teenagers without "real" income, etc.
My second car was a two tone 1984 Chevy Chevette diesel with an Isuzu 4 cylinder engine. Got over 50 mpg but took 30 seconds to get across an intersection from a full stop. I had that at ISU . . . quite the lady magnet as you can imagine.
I felt privileged at 4:30 this morning un-thawing waterers and dealing with hog barns that had no power at -22 degrees.
i have a small IPERS account that will pay me like $300/month and does not adjust for inflation. I'm ignoring that. What a ****** plan that doesn't account for inflation.
My advisor at ISU was on a submarine during WWII and was depth charged several times. Obviously never sank but he was all but deaf from the noise inside the sub while depth charges are going off outside.
